Botswana Diamonds, Vast in new Zim concession agreement
Dual-listed diamond explorer Botswana Diamonds and Aim-listed Vast Resources have signed a new agreement in respect of their proposed joint venture (JV) in the Chiadzwa Marange area, in Zimbabwe.
When the detailed agreement between Vast’s Katanga Mining subsidiary and Zimbabwe Consolidated Diamond Company becomes effective, Botswana Diamonds will be issued with new shares representing 2.5% of Katanga.
In return for the shares, Botswana Diamonds has agreed to provide Vast and Katanga with its management know-how on exploration, mining, processing and marketing in relation to the Chiadzwa Community Diamond Concession at no charge for five years.
Vast will provide all capital requirements, to a maximum of $10-million, to facilitate project commencement. This will be in the form of a loan to Katanga.
Botswana chairperson John Teeling last week said Zimbabwe was “opening up to investment” and that the country “is rich in resources and has significant diamond potential”.
Vast CEO Andrew Prelea added that, as a result of the recent agreement with the Chiadzwa Community and the preagreed JV terms on the Chiadzwa Community Diamond Concession in the Marange diamond fields, the company was required to review its current agreement with Botswana Diamonds.
Vast then decided that it wished to continue its relationship with Botswana Diamonds as a consulting party that could “add significant value to the project”.
Katanga intends to conclude a JV agreement with Zimbabwe Consolidated Diamond Company for the purposes of exploring and mining at the Chiadzwa Community Diamond Concession and marketing the diamonds derived from the operation.
Owing to these changes in the area likely to be licensed by Vast, the new agreement replaces the Heritage concession agreement.
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